On August 30, 2023 Daré Bioscience, a leader in women’s health innovation, reported that it has entered into a definitive agreement with an institutional investor and an investor affiliated with the licensor of one of the company’s early stage product candidates for the purchase and sale of 10,000,000 shares of the company’s common stock and warrants to purchase up to 10,000,000 shares of the company’s common stock in a registered direct offering priced at-the-market under Nasdaq rules (Press release, Daré Bioscience, AUG 30, 2023, View Source [SID1234634783]). Each warrant is exercisable for one share of the company’s common stock. The offering price was $0.70 per share of common stock and accompanying warrant. The warrants will be exercisable beginning six months after issuance, have a term of five and one-half years from the date of issuance and have an exercise price of $0.77 per share. The closing of the offering is expected to occur on or about September 1, 2023, subject to the satisfaction of customary closing conditions.

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The aggregate gross proceeds to Daré from the offering at the closing are expected to be $7.0 million before deducting estimated offering expenses payable by Daré. Daré intends to use the proceeds from the offering for general corporate purposes, which may include clinical trials, research and development activities, general and administrative costs, and to meet working capital needs.

The securities described above are being offered and sold by Daré pursuant to a "shelf" registration statement on Form S-3 (File No. 333-254862), including a base prospectus, previously filed with the Securities and Exchange Commission, or the SEC, on March 30, 2021, and declared effective by the SEC on April 7, 2021. Such securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and an accompanying base prospectus relating to the securities will be filed with the SEC. Electronic copies of the prospectus supplement and the accompanying base prospectus may be obtained, when available, by visiting the SEC’s website at View Source

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.